Tung Chung site draws bids from major developers SHKP, Kerry and Sino Land, reflecting cautious optimism for the residential property market
2-MIN READ2-MIN ListenCheryl ArcibalPublished: 8:00pm, 15 May 2026The Hong Kong government’s first land sale in the current financial year has drawn six bids, according to the Development Bureau, including those from the city’s largest developers, suggesting a more confident outlook for the residential property market.At the close of tender for Tung Chung Town Lot No 54 at Area 106A on Friday noon, Sun Hung Kai Properties (SHKP) submitted a solo bid, while Kerry Properties and Sino Land submitted a joint offer, the groups separately confirmed to the South China Morning Post.The parcel, measuring 14,152 square metres, is expected to yield about 990 residential units. Consultancy CBRE estimated its value at HK$960 million (US$122.6 million).
Vincent Cheung, managing director at Vincorn Consulting and Appraisal, put the site’s value at HK$1.5 billion, equivalent to about HK$2,820 per square foot based on the maximum gross floor area of 533,160 sq ft.
“The site benefits from a waterfront setting and proximity to the future Tung Chung East MTR station,” said Eddie Tsui, senior director for valuation and advisory services at CBRE Hong Kong. “Together with nearby developments such as Century Link and The Visionary, this provides a solid pricing reference and supports its long-term residential appeal.”
Tsui added that the district remained in an “early-stage ‘pioneering’ phase”, with value uplift depending on infrastructure-led maturation.
CBRE’s valuation indicated modest upside compared with the adjacent 106B site sold to SHKP in early 2025 for HK$602 million. The wide valuation range reflected continued caution, given sensitivities to geopolitical tensions, construction costs, interest rates and primary market competition.
